Exciting isn't the first word that springs to my mind when I think about Excel - useful or interesting, but not exciting.
The most exciting formulas on the workbook I'm currently working on are just COUNTs and SUMs of 22 other worksheets to produce a sports league table.

Array formulas in general. Like...
=SUM(IF(C1:C3="a",IF(D1:D3=1,E1:E3),0))
Which works like a SUMIF but for two conditions instead of just one. (Excel 2007 now has SUMIFS which does the same thing, but you get the picture).
Array formula's are very powerful and often clever things.

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